Infonet Services (IN)/network-services, now part of BT Group (BT)/Dec. 15, 1999

4

$1.1 billion

Shanda Games (GAME)/online computer games/Sept. 24, 2009

5

$1.04 billion

TOP 5 U.S. IPOs

Visa (V)/financial services/March 18, 2008

1

$17.9 billion

ENEL SpA (ENLAY)/Italian utilities/Nov. 1, 1999

2

$16.5 billion

Facebook (FB)/social networking/May 18)

3

$16.0 billion

General Motors (GM)/autos/Nov. 17, 2010

4

$15.8 billion

Deutsche Telekom (DTEGY)/communications/Nov. 17, 1996

5

$13.0 billion

Facebook

$100 billion

1 -- Total shares and percentage of shares includes both Class A and Class B shares, which carry different voting powers. Total shares to be outstanding post-IPO: 2,138,085,037.
Note: Mark Zuckerberg's total shares excludes shares subject to voting proxy.

Stake owned by Facebook insidersHow much of the company the top shareholders in Facebook,
worth more than $100 billion, will own after the IPO:

Goldman Sachs/investment bank and one of the IPO's underwriters
Total shares after IPO: 37,274,529
Value of total shares at $38 per share: $1.42 billion

Mail.Ru Group/Russian Internet company
Total shares after IPO: 36,751.311
Value of total shares at $38 per share: $1.4 billion

Valiant Capital Opportunities/San Francisco investment company
Total shares after IPO: 36,335,590
Value of total shares at $38 per share: $1.38 billion

Elevation Partners/venture capital firm of Bono
Total shares after IPO: 35,487,149
Value of total shares at $38 per share: $1.35 billion

Meritech Capital Partners/venture capital firm
Total shares after IPO: 33,356,443
Value of total shares at $38 per share: $1.27 billion

Facebook raised about $16 billion through the sale, which gave the company a maket value of about $104 billion. But its lackluster public debut deflated the pre-IPO hype that had floated in the business press and on Wall Street for weeks. Many market prognosticators had expected Facebook shares to surge Friday. But after an early pop to $45, it was mostly downhill.

Traders and market observers blame the lackluster performance on heavy trading demand that delayed Nasdaq processing market orders and over-optimism by Facebook's investment bankers, who boosted the IPO's size and share price from a range of $28 to $35 a share. Wall Street's continued slump also hurt. Stocks fell for the 12th time in 13 sessions Friday on fears over the slowing global economy and mounting financial woes in Europe.

"Big IPOs and big deals often mark the top of major market moves," says Brian LaRose, a technical market analyst at market adviser United-ICAP. "This is a very big IPO that was well-followed and well-hyped. When you see big investors exit or start to take profits there is a reason to believe that there is substantial downside ahead. Markets are very, very weak and very vulnerable."

That the stock didn't fall below its $38 IPO price suggests that underwriters who brought the deal to market swooped in to buy shares to prop it up, for fear of a public relations disaster, says Gary Kaltbaum, president of financial adviser Kaltbaum Capital Management.

"The investment bankers came in; they had to jump in and buy the stock. They couldn't have such a hyped IPO come down below the offering price," Kaltbaum says.

The drop in price doesn't mean there was a lack of trading. By day's end, nearly 480 million shares traded, a record for a first-day offering.

Before the stock opened, there were so many last-minute orders at the Nasdaq exchange that trading, expected to start at 11 a.m. ET, was delayed 30 minutes. "Marketplaces and other broker/dealers experienced severe slowness, and unfortunately, those issues impacted our customers,'' says Steve Austin of mutual fund giant Fidelity Investments.

Given the size and complexity of the offering, the number of investors involved, the early glitch and trading delays were not surprising, says Bill Christie, a finance professor at Vanderbilt University who has done research on market mechanics.

"When you have an IPO with this kind of huge spotlight shining on it, you want it to come off clean," says Christie. "It might just be frustration in the short run but doesn't do long-term impact to investor sentiment."

Born in a Harvard University dorm room in 2004, Facebook has become part of the social fabric of more than 900 million worldwide users.

Despite the barely-above-the-IPO close, Facebook enriched scores of employees, including hoodie-wearing Mark Zuckerberg, the just-turned 28-year-old CEO who sold 30 million shares worth more than $1.1 billion. Zuckerberg, who rang Nasdaq's opening bell from Facebook headquarters from the company's sprawling headquarters in California, will remain Facebook's largest stakeholder.

Before trading started, people huddled outside the windows of the Nasdaq site in New York's Times Square, waiting for the stock to open. Some held up cellphones and cameras pointed at the Nasdaq board, waiting to get a picture of the first price change.

Facebook's rich valuation comes as it tries to cement its role in the Internet. While Facebook had about $1 billion in earnings last year on revenue of $3.7 billion, the company still has to prove it can find ways to boost profits.

Chris Brown, manager of the Pax World Balanced mutual fund, made a roughly $14 million investment when his $1.9 billion fund acquired private shares of Facebook on a secondary market before the IPO.

Brown said the muted Friday gains, after a great deal anticipation over how much the stock might climb, wasn't a surprise.

"Going into the IPO, there has been a lot of skepticism from investors, in particular institutional investors, questioning anything from whether the price of the stock is fair, to whether Facebook can successfully monetize and sell ads," he said. "We're long-term investors. It's nice to have the stock up for one day, but it's only one day. It's hard to extrapolate much as to the future of the company."

In coming days, Brown expects plenty of ups and downs for the stock, as investors assess a company whose prospects are hard to pin down because of its evolving business model.

"You're going to see obviously an extreme amount of volatility over the next week as people evaluate the stock," Brown said.

Despite widespread pre-IPO enthusiasm, not everyone was on Wall Street was buying in. Lewis Altfest, who runs New York-based financial adviser Altfest Personal Wealth Management, was advising clients not to buy shares, saying they were too pricey. He predicts Facebook shares will trade lower six months from now.

"I'm getting a lot of requests, but I try to discourage them and if (they still want shares) I try to limit the amount of shares they buy," Altfest says. "They just want to be part of this cult thing, and those that think they will be made multi-millionaires are in for a rude awakening."

Contributing: the Associated Press

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